As the UK comes out of it’s second lockdown business owners are eager to get straight back on track. Businesses this year have been tested to the point of desperation as a result of the coronavirus crisis. And the fight isn’t over yet.
2020, with all its unpleasant surprises brings one welcomed turn of events, the usual seasonal drop off appears to be nowhere in sight. It is being anticipated that business activity will not be slowing down this year! For the first time since March business owners are not expecting trading prospects to worsen.
This is great news right!? But after months of uncertainty, standstill trading and constant adaptation there is a lot of fear for future trading. Businesses cashflow is tighter due to customers taking longer to pay. Now more than ever business owners are desperate for a cash injection to help them meet demand for this winter period.
Bounce back loans were limited to £50k and for business owners there isn’t much, if any left over now. CBILS loans provide much greater flexibility and could be the solution to carry your business through to 2021 and further.
What are CBILS?
Coronavirus Business Interruption Loan Scheme are a government backed financial support lending scheme for any small business (SMEs) that has seen a loss or disruption in revenue as a result of COVID-19. The biggest benefit of this loans scheme is the security of a government-backed guarantee saving business owners from PGs (Personal Guarantees) for funding up to £250,000.
CBILS has evolved a lot since first being introduced back in April of this year. Most notably the changes to the schemes features and eligibility criteria now means more UK businesses are able to access the funding they need. CBILS can be provided in various forms from a range of lenders such as; a basic lend, a term loan, asset finance, invoice finance and even bridging!
Get in touch today on 07739897574 or info@coriacommercialfinance.co.uk to find out how much you could be eligible for!